Etisalat Egypt signs $132m financing deal for expansion plan

Etisalat Egypt signs $132m financing deal for expansion plan

Etisalat Egypt signed a financing agreement worth EGP4 billion (US$132 million) with the Commercial International Bank (CIB), a move to expand digital services and upgrade infrastructure.

Etisalat Egypt CEO Hazem Metwally noted the deal aligns with the operator’s plan to create more services and enhanced solutions to meet the growing needs of the Egyptian market, reported Zawya.

The deal also aligns with wider ambitions to contribute to the Digital Egypt project, a government scheme to push initiatives that promote digital transformation, which also supports Egypt’s Vision 2030 national agenda.

Metwally said: “Etisalat Egypt is keen on investing in infrastructure that provides the best-integrated technology services to our customers, and keeps pace with the huge increase in data usage rates across Egypt.”

CIB chief executive Amr El-Ganainy added: “This partnership reflects the CIB’s role in supporting businesses in the [information and communications technology] ICT sector.

“[It] will further contribute to achieving Etisalat Egypt’s strategy in a way that scales up the company's financial position in the market and thus achieves more future business success.”

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